Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 22nd. We estimate that they had an aggregated short interest worth USD2.4bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, True, Siri Prime Office Property Fd, CP ALL, Bangkok Dusit, CP ALL, Bangkok Dusit, True.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 22nd. We estimate that they had an aggregated short interest worth USD2.4bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, True, Siri Prime Office Property Fd, CP ALL, Bangkok Dusit, CP ALL, Bangkok Dusit, True.


Thailand Short Interest Weekly (Aug 22nd): Intouch, True, Siri Prime Office Property Fd, CP ALL

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 15th. We estimate that they had an aggregated short interest worth USD2.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 15th. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem, CP ALL, CP ALL, Bangkok Dusit, Muangthai Capital.


Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Bangkok Dusit Medical Services / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bangkok-dusit-medical-services-pcl" target="_blank" data-smartkarma-citation="entities:875:1" rel="noopener">Bangkok Dusit Medical Services (BDMS TB)</a> posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.</li>
<li>EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.</li>
<li>BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.</li>
</ul>



Bangkok Dusit Medical Services (BDMS TB) posted 4% rise in revenue from hospital operations in 2Q25 as international and Thai patients revenue reported growth of 6% and 3% YoY, respectively.
EBITDA grew 7% YoY to THB 6.1B on higher revenue and better cost management, while net profit rose 5% YoY to THB 3.5B on lower interest cost. Margins expanded.
BDMS has delivered an overall stable financial performance with inpatient revenue growth and stable EBITDA margin. Near term upside potential remains.


Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

<ul>
<li>We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.</li>
</ul>


We analyzed the changes in short interest of Stock Exchange of Thailand as of Aug 8th. We estimate that they had an aggregated short interest worth USD2.3bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem, VGI, Bangkok Bank, Home Product Center, Ptt Globalchem.


Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

Independent Asian Credit Research, Bondcritic

Warut Promboon

Independent Asian Credit Research

Asian Fixed Income/Frontier Market Research

Bondcritic

Bondcritic, established in 2009, is designed to be an independent credit research voice that helps investors gain insights and unbiased analyses on Asian fixed income market. Our mission is to discover deep-value Asian high-yield and distressed bonds with a bottom-up approach, together with the help of our proprietary ESG (Environmental, Social Development, and Governance) model. At the same time, we focus on bringing investment cases of unrated and unloved issuers to the general public.

Debt Capital Markets

iShares MSCI Thailand / Debt Capital Markets

<ul>
<li>We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP</li>
<li>The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months</li>
<li>We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.</li>
</ul>


We sample blue-chip and household Thai corporations and plot the 12-month probability of default (PD) using iRAP
The median 12-month PD of the above samples was 11.15 basis points (bps), up from 5bps last November, with a trend showing continuing deterioration in the next 12 months
We expect more political upheaval and economic adjustment from the military conflict with Cambodia and the19% tariff on exports to the US to be quite detrimental to the Thai economy.


Bond Market Monitor: Thai Corporations UnSmiled

Thailand

Bangkok Dusit Medical Services Public Company Limited (BDMS) is Thailand's largest private hospital group, operating a network of hospitals and wellness clinics across Thailand and Cambodia under multiple brands, including Bangkok Hospital, Samitivej Hospital, and Phyathai Hospital. The company offers a wide range of healthcare services, from preventive care to tertiary and super-tertiary treatments, and also engages in related businesses such as medical laboratories, pharmaceutical production, and medical equipment distribution. BDMS was established in 1969 and is headquartered in Bangkok, Thailand.

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Bangkok Dusit Medical Services (BDMS TB)

Thailand Short Interest Weekly (Aug 22nd): Intouch, True, Siri Prime Office Property Fd, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, True, Siri Prime Office Property Fd, CP...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Muangthai Capital (MTC TB),...

Ke Yan, CFA, FRM

Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

Bangkok Dusit Medical sees 4% revenue rise in 2Q25, mainly driven by international patients revenue, while EBITDA and net profit margin expanded...

Tina Banerjee

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Bank (BBL TB), Home...

Ke Yan, CFA, FRM

Bond Market Monitor: Thai Corporations UnSmiled

12-month probability of default for Thai corporations is on the rise, with political and economic challenges ahead due to military conflict and...

Bondcritic

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Thailand Short Interest Weekly (Aug 22nd): Intouch, True, Siri Prime Office Property Fd, CP ALL

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch, True, Siri Prime Office Property Fd, CP...

Ke Yan, CFA, FRM

Thailand Short Interest Weekly (Aug 15th): Intouch, Muangthai Capital, Bangkok Dusit, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Muangthai Capital (MTC TB),...

Ke Yan, CFA, FRM

Bangkok Dusit (BDMS TB): Revenue Rise in 2Q25; Margins Expand; Stable Outlook To Bring in Returns

​Bangkok Dusit Medical sees 4% revenue rise in 2Q25, mainly driven by international patients revenue, while EBITDA and net profit margin expanded...

Tina Banerjee

Thailand Short Interest Weekly (Aug 8th): Intouch, Bangkok Bank, Home Product Center, PTT GlobalChem

We analyzed SET short interest report for the past week and highlighted short interest changes in Intouch (INTUCH TB), Bangkok Bank (BBL TB), Home...

Ke Yan, CFA, FRM

Bond Market Monitor: Thai Corporations UnSmiled

​12-month probability of default for Thai corporations is on the rise, with political and economic challenges ahead due to military conflict and...

Bondcritic

Bangkok Dusit Medical sees 4% revenue rise in 2Q25, mainly driven by international patients revenue, while EBITDA and net profit margin expanded...

12-month probability of default for Thai corporations is on the rise, with political and economic challenges ahead due to military conflict and...